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Key developments
Overall, most listed Digital Infrastructure stocks in the region are up over the last year, but with wide spreads in performance among the group. Economic growth is expected to be sluggish relative to previous years, creating uncertain performance for Digital Infrastructure equities.
Cogent Communications
Cogent Communications stock was down over 17% during the past month, with the company releasing poor Q4 2023 results, where revenue was down 1.2% compared to Q3 to US$272.1m and Adjusted EBITDA was down 16% compared to Q3 to US$110.5m. However, on a full year basis, Cogent’s results were positive.
Global Data Centre
Global Data Centre’s stock jumped over 7% over the last month, with the company releasing positive 1H24 results. Operating EBITDA increased to $4.8m for the half year, up 136% when compared to 1H23. The company’s FY24 guidance included a range of EBITDA between $9.8-10m.
NEXTDC
NEXTDC’s stock rose around 6% during the past month, with investors continuing to show approval for the company’s strong 1H24 results released in late February. Additionally, the company announced in mid March that it has acquired the land and recently completed core and shell data centre development in Sydney (“S6”). The purchase price of the S6 facility is $184m and is in line with FY24 capex guidance.
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